CALICÉO acquired by EKKIO CAPITAL, BPIFRANCE, CARVEST (CRÉDIT AGRICOLE RÉGIONS INVESTISSEMENT) & BNP PARIBAS DEVELOPPEMENT
Context
Funds advised by Ekkio Capital, together with co-investors including Bpifrance, Carvest, BNP Paribas Développement and CIC Private Debt, have completed a new €240 million financing and buy-out package for Calicéo, a French balneotherapy and wellness center operator. The transaction marks a new growth phase for the company and supports its accelerated expansion strategy in France and internationally. The financing package is structured through a combination of equity and debt. Approximately €65 million is provided in equity, largely reinvested by Ekkio Capital through its latest fund, a continuation vehicle backed by LGT Capital, and a co-investment vehicle alongside BNP Paribas Développement and a family office. Additional equity contributions come from existing minority shareholders and management, who reinvest in the new structure. The package also includes €30 million in bonds provided by private debt investors, as well as €145 million in new bank debt arranged by a pool of French lenders. Founded in 1997 and acquired in 2018 by Ekkio Capital alongside management, Calicéo operates around 20 wellness centers across France, offering balneotherapy, aquatic relaxation, spa facilities, and fitness-oriented leisure experiences. The group welcomes approximately 2.5 million visitors annually and generates around €70 million in revenue. With this new funding round, Calicéo aims to consolidate its domestic footprint while accelerating expansion into new French regions, including Aix-Marseille and the Côte d’Azur, as well as launching its first international developments in Belgium (Brussels) and the United Kingdom.
CALICÉO, which reported an EBITDA margin of LOGIN in 2025, is valued in this transaction at an EV/EBITDA multiple of LOGIN, a level to compare with the average currently observed in the Retail & Consumer sector (11.0x).
Note that this data is based on contribution from our growing community, composed of M&A and Private Equity professionals, and has been verified by our team to ensure its accuracy.
-> Deep-dive in Retail & Consumer market trends
Target
Calicéo is a French leisure and wellness group specializing in balneotherapy and aquatic relaxation centers. The company develops and operates large-scale wellness facilities offering thermal pools, aquatic circuits, spa treatments, saunas, steam rooms, and fitness-oriented relaxation services. Its concept combines wellness, health, and leisure experiences within urban and peri-urban environments. The group operates a network of approximately twenty centers across France, attracting several million visitors annually. Its sites are designed as large indoor and outdoor aquatic complexes dedicated to relaxation and well-being, positioning Calicéo as a leading player in the French balneotherapy market. Calicéo has pursued an expansion strategy focused on increasing its geographic footprint and scaling its network through new site openings. The company is actively developing new centers in France, particularly in major urban areas, while also preparing its first international expansion projects, including potential openings in Belgium (Brussels) and the United Kingdom.
Ent. Value
LOGIN
Equity Value
LOGIN
Multiples
EV / Revenue
LOGIN
EV / EBITDA
LOGIN
EV / EBIT
LOGIN
Historical Financials (EUR)
Similar deals in Retail & Consumer
| Date | Acquirer | Target | Country | Sector | Deal Context |
|---|---|---|---|---|---|
| 07/2026 | FRENCH FOOD CAPITAL / BPIFRANCE | EMMA | FRANCE | Hospitality & Leisure | The Emma bakery network disclosed on July 2026 the consummation of its inaugural leveraged buy‑out, whereby FrenchFood Capital, a specialist agrifood investment vehicle, acquired a minority equity position alongside Bpifrance. The transaction, structured by Sevenstones and launched in January, attracted approximately ten competing fund proposals before FrenchFood Capital was selected on the basis of its sectoral acumen and long‑term commitment. The deal facilitates the divestment of co‑founder Thibault Pillet, who has withdrawn from day‑to‑day management, and enables Louis Lepicard to realize a partial exit, thereby rebalancing the shareholder base |
| 07/2026 | BASIC-FIT | WELLYOU | GERMANY | Hospitality & Leisure | Basic‑Fit has announced the acquisition of German fitness operator Wellyou from its private‑equity owner Auctus Capital Partners. The transaction is structured as an all‑cash purchase and is slated for completion in the third quarter of 2026. At the time of the announcement, Wellyou operated 41 clubs in northern Germany and maintained a membership base of roughly 110,000 individuals. The deal adds these locations to Basic‑Fit’s existing German portfolio, which already includes 74 clubs and 22 sites acquired through its Clever Fit subsidiary |
| 06/2026 | LONGRANGE CAPITAL | PIZZA HUT | UNITED STATES | Hospitality & Leisure | Yum! Brands has announced the signing of definitive agreements to divest its entire Pizza Hut business, following a strategic review process initiated in November 2025 to assess the best value-creation options for the brand. After careful consideration, the company has decided to separate Pizza Hut from its portfolio to focus its resources on its other brands and strategic growth priorities. The transaction is structured into two separate deals. Pizza Hut's operations outside of mainland China will be sold to LongRange Capital, while Yum China Holdings will acquire the Pizza Hut business in mainland China |
| 06/2026 | MUBADALA | PIERRE ET VACANCES - CENTER PARCS | FRANCE | Hospitality & Leisure | Mubadala Capital has entered into an agreement to acquire a controlling stake in Pierre & Vacances-Center Parcs through a public tender offer followed by a proposed delisting. The offer values each share at €1.90, including a special dividend of €0.11 per share. This price represents a premium of approximately 35% to the recent average trading price. An additional €0.10 per share will be paid if the 90% ownership threshold is met, allowing for a mandatory squeeze-out and delisting. The transaction has received unanimous support from the company's board of directors and key shareholders, who collectively hold 58 |
| 06/2026 | QUADRIVIO GROUP / CAPDESIA GROUP | ALICE PIZZA | ITALY | Hospitality & Leisure | Quadrivio & Pambianco, through its Made in Italy Fund II, and Capdesia Group have acquired 100% of Alice Pizza's share capital from Green Arrow Capital and the founding Giovannini family. This transaction marks the complete exit of Green Arrow Capital, which held its stake through the Idea Taste of Italy fund, as well as the exit of the historical founders who had accompanied the group's development for over three decades. The acquisition enables Alice Pizza to embark on a new chapter of growth, backed by two investors with recognized expertise in consumer goods, branding, and organized restaurant services |
| 05/2026 | AERMONT | PARK HOLIDAYS | UNITED KINGDOM | Hospitality & Leisure | Aermont Capital has entered into an agreement to acquire Park Holidays, the UK-based holiday park and leisure home business of Sun Communities. The transaction encompasses all assets through which the US group operates in the UK, marking Sun Communities' exit from this market. This divestment is part of Sun Communities' strategy to refocus on its core manufactured housing and recreational vehicle businesses in North America. For the seller, the deal enables a simplification of its asset portfolio and concentration of resources on priority markets |
| 05/2026 | NEXTALIA | COSTA EDUTAINMENT | ITALY | Hospitality & Leisure | Nextalia SGR assumes control of Costa Edutainment through the acquisition of the group’s top holding company, marking the exit of DeA Capital Alternative Funds (Green Arrow Capital) from the shareholder base, alongside a broader restructuring of ownership. The transaction also includes a partial reinvestment by the founding family through its controlling holding, ensuring continuity and alignment within the new capital structure. The scope covers the group’s full portfolio of leisure and cultural infrastructure assets, operated under long-term concession and management agreements |
| 04/2026 | EMIRATES INTERNATIONAL INVESTMENT COMPANY EIIC | JOE & THE JUICE | DENMARK | Hospitality & Leisure | Emirates International Investment Company (EIIC), a leading UAE‑based private investment firm and the strategic investment arm of National Holding Group, acquired a minority stake in Joe & the Juice. The transaction is structured as a mix of secondary share purchases from General Atlantic and the issuance of new equity, with General Atlantic remaining the majority shareholder and retaining control of the business. The move deepens an existing partnership between the two parties, as EIIC already operates as a franchise partner for Joe & the Juice in several markets, including Spain and Turkey, where it combines local market knowledge with capital to support store rollout and brand‑building |
| 04/2026 | BYWAY CAPITAL / BPIFRANCE | LA TÊTE DANS LES NUAGES | FRANCE | Hospitality & Leisure | The executive management of La Tête dans les Nuages has finalized a minority "flex equity" transaction with a consortium led by Byway Capital and supported by Bpifrance. The strategic rationale for this operation centers on an "aggressive-scaling" play, merging the target's technical operational depth in the leisure sector with the sponsors' institutional capital and mezzanine expertise. This structural alignment allows the organization to remain under the controlling leadership of its majority owner while securing the definitive financial resources required to execute a massive network expansion |
| 03/2026 | ARGOS WITYU | BÄCKEREI KAMPS | NETHERLANDS | Hospitality & Leisure | The transaction involves the acquisition of Bäckerei Kamps GmbH by Argos Wityu from the French conglomerate Le Duff Group. This acquisition is a pivotal step in Argos Wityu's overarching strategy to consolidate the German bakery market, following its 2024 acquisition of Bäckerei Schmidt and subsequent add-on deals in 2025. The integration of Kamps into the existing platform creates a powerhouse in the sector, operating over 400 branches nationwide. The rationale for the deal is rooted in achieving significant economies of scale, particularly in procurement, production, and logistics, while maintaining the strong local brand identities of the individual chains |
REFERENCES
Revenue range: 50M - 100M EUR
Note: This page provides detailed data on a private equity M&A transaction. Detailed and exact financial metrics for the acquisition of CALICÉO by EKKIO CAPITAL / BPIFRANCE / CARVEST (CRÉDIT AGRICOLE RÉGIONS INVESTISSEMENT) / BNP PARIBAS DEVELOPPEMENT are reserved for mynth community members. Register for free to unlock full data.
Authors: verified mynth contributor (mynth data is contributed by M&A / PE professionals and systematically cross-verified with private deal documents and official press releases).
Press release: view release
Target: calicéo
Acquirer: ekkio capital / bnp paribas developpement / carvest (crédit agricole régions investissement) / bpifrance